Mumbai: India's foreign exchange (forex) reserves slumped by USD4.05 billion to USD 312.70 billion for the week ended September 23, due to a sharp drop in the value of foreign currency assets, official data showed.The country's foreign exchange reserves kitty has declined by USD 8.08 billion in the last three weeks after rising to an all-time high of USD320.78 billion for the week ended September 2.

The forex reserve kitty had risen by USD 266 million for the week ended September 16 after declining by USD4.29 billion in the previous week. Thus the forex reserves have registered a fall of USD8.08 billion in the last three weeks under review.

Foreign currency assets, the biggest component of the forex reserves kitty, fell by USD3.97 billion to USD276.93 billion during the week under review, according to the weekly statistical supplement of the Reserve Bank of India (RBI), the country's central bank.

The foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.

The value of special drawing rights (SDRs) dropped by USD52 million to USD4.49 billion and reserves with the International Monetary Fund (IMF) declined by USD35 million to USD2.95 billion.